Wake Forest University

Actuarial Science Certificate

Background

Actuaries use statistics and finance to analyze the economic costs of risk and uncertainty. They are employed by consultancies like Deloitte, EY, PwC, and insurance companies like UnitedHealth Group, Anthem, and Berkshire Hathaway. The median annual wage for actuaries was $110,030 in 2021. Employment of actuaries is projected to grow 24 percent from 2020 to 2030, much faster than the average for all occupations. The actuarial career consistently ranks highly in job satisfaction due to its work-life balance, intellectual stimulation, compensation, and job security.

To advance in the actuarial career and obtain licensure, one needs to 1) fulfill educational requirements, called Validation by Educational Experience (VEE) and 2) pass a series of exams. The Actuarial Science Certificate will help students prepare for their actuarial career by offering courses that fulfill the VEEs and help students prepare for the first two exams: Exam P (Probability) and Exam FM (Financial Mathematics). Graduating undergraduates who have fulfilled their VEEs, passed the first two exams, and completed an actuarial internship are extremely competitive on the job market. The goal of the Actuarial Science Certificate is to prepare Wake Forest University undergraduates for success in both their actuarial job market and careers.

WFU Actuarial Science Certificate

To fulfill the VEEs and complete the WFU Actuarial Science Certificate, students need to take:

• Economics

  • ECN 150 (Introduction to Economics)

  • ECN 205 (Intermediate Microeconomics) OR ECN 210 (Intermediate Mathematical Microeconomics)

  • ECN 207 (Intermediate Macroeconomics) OR ECN 211 (Intermediate Mathematical Macroeconomics)

• Statistics

  • STA 310 (Probability)

  • STA 311 (Statistical Inference)

• Accounting and Corporate Finance

  • ACC 111 (Financial Accounting)

  • FIN 231 (Principles of Finance)

• The 1st actuarial exam is Exam P (Probability) - it covers probability theory. STA 310 will help students prepare for this exam. 

• The 2nd actuarial exam is Exam FM (Financial Mathematics) - it covers time value of money, annuities, bonds, and portfolios. FIN 231 will help students prepare for this exam.

• Students who are Mathematics Business majors cannot count STA 311, ECN 205/210 or ECN 207/211 towards their Mathematics Business elective requirements.

Recommended Course Timeline

• Freshman Year

  • Fall: MTH 111

  • Spring: MTH 112, ECN 150

• Sophomore Year

  • Fall: ACC 111

  • Spring: STA 310

  • Summer: Exam P

• Junior Year

  • Fall: FIN 231

  • Spring: STA 311, Exam FM

  • Summer: Actuarial Internship

• Senior Year

  • Fall: ECN 205 or 210

  • Spring: ECN 207 or 211

Additional Requirements for Students

Before declaring the Actuarial Science Certificate, a student must receive at least a C in ACC 111, ECN 150, and MTH 112. Upon declaration, the student gains permission from the College and School of Business to take ECN 205/210 and 207/211, FIN 231, and STA 311.

Resources

Advice from Dr. Erhardt (a former actuary)

SOA Website

Exam P Syllabus

Exam FM Syllabus

Advisors

Philip Howard, Assistant Professor of Finance, is the primary advisor for the Actuarial Science Certificate. You may email me at howardpd@wfu.edu for more information.

Rob Erhardt, Associate Professor of Statistics, and Amanda Griffith, Associate Professor of Economics, are secondary advisors.